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Experts weigh in on reasons to be optimistic about the new Small Business Ministry

by , 29 May 2014
This past weekend, President Jacob Zuma announced his new cabinet.

One of the key things that came from his announcement is the formation of a Small Business Development ministry, which his former international advisor, Lindiwe Zulu, will lead.

If you're not sure how this new ministry will benefit your small business, read on for the views from key role players in business as well as the new minister herself.

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Why the establishment of a Small Business Ministry is good news for your business
 

When President Zuma announced his new cabinet, he said 'the development of the small business sector is critical to economic development and transformation.'
 

He suggested the creation of the Small Business Ministry will ensure the economy takes centre-stage.

It seems the President struck the right note because the South African Chamber of Commerce and Industry (SACCI) welcomes the decision.

In a Business Tech report, SACCI's CEO Neren Rau says: 'The SME Ministry was high on SACCI's wish list. SACCI has and will continue to engage towards an SME Department that serves the development interests of SMEs and the economy.'

He added: 'This would include simplifying the SME regulatory environment, reviewing and expanding incentives for SMEs, championing the cause of SMEs with other government department and the Presidency vis-à-vis policy development.'

The new minister of small business development has promised to work hard in her new role.

Here's what she had to say…
 

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The minister of Small Business Development had this to say about her new role
 

According to Business Tech, Zulu told Talk Radio 702 that her first job would be to set the ministry up, 'because there's no ministry at all'.

She then said she'll address the support structures for small businesses, both from government and financial institutions because small and medium enterprises are important in the building of the economy.

And with news that South Africa's economy shrank 0.6 % quarter-on-quarter in the first three months of this year, the minister has her work cut out when it comes to boosting the economy and cutting the red tape that small business owners face.

For now, be happy that government is taking steps to address your problems as a small business owner. And watch this space for developments on this story.



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